Its mission? Help UK households around the cost-of-living squeeze.
Nous, a London-based fintech firm, has announced a €7.9m funding round to expand its service – helping households navigate the imminent cost-of-living crisis.
More than 65 angel investors participated in the funding round led by London-based Mosaic Ventures, including renowned tech entrepreneurs Tom Blomfield (co-founder of banking app Monzo), Marc Warner (co-founder and CEO of AI pioneer Faculty.ai), and Dan Hegarty (founder and CEO of digital mortgage company Habito).
The new capital will be used to scale up the product team, EU-Startups reported.
Nous was founded in 2021 by a team of engineers, designers, and marketing experts from the likes of Brainlabs, Deliveroo, Disney and Facebook. It aims to alleviate the struggle UK households face today, including an unprecedented cost-of-living squeeze, soaring energy prices, and steadily increasing interest rates.
Nous’s tech platform harnesses first- and third-party data feeds to power a real-time personalised dashboard of a household’s finances along with actionable insights, EU-Startups explained.
By monitoring vendor activity across energy, mortgage, broadband and other household subscriptions, Nous warns consumers of insidious vendor strategies, such as hiking prices or levying loyalty taxes, saving a typical household more than £1,000 a year.
“At a time when UK citizens are facing the worst inflation crisis for 30 years, household expenses are the largest component of people’s living costs, and yet most of us are routinely exploited by companies who hack our inattention to sneak in loyalty taxes at every turn,” founder and CEO Greg Marsh told the publication. “Nous will change that. Unlike anyone else in this field, we’re on the side of households, and we’re building a service to make people’s lives simpler and fairer.”
The more people who join the platform, the smarter the tech gets, as Nous’s anonymised dataset on increasing vendor activity is used to progressively automate routine household decisions, such as when to renegotiate a contract or switch to a more optimal service provider.
In line with the startup’s strict commitment to neutrality, Nous will offer a free dashboard with the option to upgrade to a paid subscription service for its premium automation service rather than make money from advertising.
Co-founder of Mosaic Ventures Toby Coppel said: “Nous can deliver a really positive impact on people’s lives during a time of mounting stress and anxiety. It’s tremendously exciting to invest in such a huge commercial opportunity which also has such enormous potential to do good.”
